Last week, a bipartisan bill was introduced in the U.S. Senate, co-sponsored by Senators Michael Bennet (D-Co.) and Bill Cassidy (R-La.). The goal of this legislation is to “establish a regional trade, investment, and people-to-people partnership of countries in the Western Hemisphere to stimulate growth and integration through viable long-term private sector development.”

According to an article published in The Sourcing Journal (subscription required), “the bill contains an unprecedented $14 billion in incentives to accelerate domestic circularity and innovation for apparel, footwear, accessories and home textiles. Such business models include reuse, repair, rental, recycling and activities that support those efforts, from collection and sortation of post-consumer goods to technology and reverse logistics.”

Incentives include income tax exclusions for businesses engaged in any of these activities as well as the opportunity to secure loans and grants. Additional funds are allocated for research and development related to textile reuse and recycling as well funding for public education on these topics.